If you lost your Credit Card in UAE or your Credit card gets stolen then you are required to immediately follow a number of steps to avoid any further damage to your finances.
MoneyMall, has come up with 5 such steps to minimize your inconvenience as well as a few preventive measures that you can take to avoid losing your card. Continue reading…
Freeze your credit card immediately to prevent unauthorized usage
Call the bank helpline immediately, The first thing you should do when you lose your credit card is to call your credit card issuer immediately and report the theft or loss of your credit card. The contact number of the issuing bank of your credit card is usually on the back of the card. However, since the card is lost, you can get the card issuer’s contact details either on the bank’s website or on your credit card statements. You can also report the loss of your credit card on the bank’s website or through the app or by visiting the nearest branch of the bank. After reviewing your identification details such as name, address, last transaction details, and other account details, the bank will freeze your account immediately.
Make sure you cancel all automatic billings
After your account has been frozen and your card has been disabled, the next step is to inform all the entities with whom your monthly auto-debits are scheduled. If you notify them ahead of time, those payments won’t be successful and you can avoid the fees as well as any inconveniences.
If your card is stolen, report the theft
If you are certain that you have not lost your credit card and it has rather been stolen by a thief, merely informing the bank of the theft of your card is just not enough. Filing a police report is extremely important as it could help the police gather information and recognize similar activity patterns and catch the culprit.
Get your lost and found credit card activated
If you had already applied for a new credit card before locating your lost credit card, you can always contact your bank and get your lost credit card activated. Make sure that you ask the bank not to issue a new card and you will not be charged for activating a lost and found credit card.
Get insurance against credit card misuse
As of this day, many banks in UAE are offering insurance against credit card frauds. It is important to do your research well before you choose a bank to apply for a new credit card. Read the terms and conditions carefully and contact the bank for further details. For example, Dubai First Bank offers protection cover against the misuse of credit cards and fraudulent transactions up to AED 2,386 per incident or a total of AED 6,239 a year.
What preventive measures can you take to minimize the risk of losing your card?
Here are a number of preventive measures that you can take to reduce the chances of misplacing or losing your card as well as minimize the risk and be well-prepared if you do lose it at all.
- Do not carry all your cards with you, leave inessential cards at home. Carry a single card that can be used for multiple purposes and never attach your keys to purse or wallet.
- Note your card numbers, bank contact numbers and keep them in a safe place at home.
- Never save your card information, passwords, PIN numbers in your phone because if you lose your phone, there is a high risk of unauthorized card usage.
- Disable international transactions when you are not using it internationally.
- Photocopies of your personal details such as driving license, passport keep them handy at home, it will be easier for you while applying for the replacement of your credit cards.
- Make sure that you close your bag, wallet or purse properly after keeping your credit cards inside because your cards might fall out if they are not closed properly.
- If you are not using your credit cards for a long time keep them checking where you have kept.
The theft of loss of a credit card can be a big nightmare for any of us. Hence, preventive measures are extremely important to avoid such an instance in the future.